FTSE turns bearish once more
The FTSE rallied significantly in the second-half of December, yet until price broke through 6447, the bearish bias always seemed likely to return before long. Today marks that day, with price having clearly turned over, passing through the key 6203 support level.
Given that this selloff seems extended on the momentum indicators (stochastic and MACD), it seems prudent to await the creation of another period of consolidation to take any fresh positions. Support levels of note are 6123, 6070 and 6000, with resistance levels at 6203, 6270 and 6326.